Mexico's Pemex has partnered with CEM Oil and Gas to redevelop Gulf of Mexico oilfields with a $1.65 billion investment aimed at significantly boosting production.
Mexico’s state-run oil and gas giant Pemex has signed a deal to redevelop Gulf of Mexico oilfields in a $1.65-billion investment plan that aims to increase output 10 times in the next 3.5 years. Citing unnamed sources close to the deal, Pemex Petroleos Mexicanos has struck a deal with CEM Oil and Gas, a Mexican private-sector player, to redevelop the Bacab and Lum fields in the Gulf of Mexico.
According to Bloomberg sources, CME will expand well depths in both plays to boost production to 40,000 bpd by 2028. The $1.65-billion investment will reportedly be made over the course of 15 years, and CME assumes costs and risk associated with the redevelopment plan. Bloomberg sources said the plan projects 74 million barrels of output and $4.3 billion in revenues–half of which goes to state coffers. Pemex did not respond to Bloomberg, and reports have not been independently confirmed.
Gulf Of Mexico Oilfield Redevelopment CEM Oil And Gas Bacab Oilfield Lum Oilfield Heavy Oil Shallow Water Ku-Maloob-Zaab Play Mexico's Oil Industry
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